Question

1. Economic growth around the world

1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010, Zambia's average annual growth rate during this period was-0.15%, and it was the poorest economy in the table in the year 2010 The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies Economy Austria Venezuela Botswana Malaysia Honduras Zambia Real Income per Person in 1960 (Dollars) 9,773 7,307 468 1,624 1,932 1,412 Real Income per Person in 2010 (Dollars) 35,031 9,762 9,515 11,863 3,146 1,309 Annual Growth Rate (Percent) 2.59 0.58 6.21 4.06 0.98 0.15

Answer 1

1)The economy with highest level of real GDP in 2010

Austria as it had the highest level of real GDP per person 35031

2) The economy with highest level of real GDP per person:

Botswana because it grew at 6.21% annually from 1960 to 2010

3) The economy who begin with a level of real income below Venezuela and surpassed it.

Malaysia which began at 1624 which was below in comparison to Venezuelas in 1960 but surpassed it in 2010 with 11863 which is higher than Venezuela.

Answer 2

fastest growth is Botswana with rate of 6.21 %. 

Highest= Australia with $35,031

Below during 1960 but higher during 2010 than Venezuela = Malaysia 

Answer 3

fastest growth is Botswana with rate of 6.21 %. 

Highest= Australia with $35,031

Below during 1960 but higher during 2010 than Venezuela = Malaysia